Stadium eyes market expansion with move to buy Zirkon
03 November 2008
Electronics manufacturer Stadium Group has paid £2.5 million to buy Zirkon Ltd in an effort to bolster its high-technology market experience and expand its presence in the industrial instrumentation, security, medical and mobility sectors.
Nigel Rogers, Stadium’s chief executive, said that in a time of continued consolidation in the UK electronic manufacturing services (EMS) industry, Stadium had identified an opportunity to acquire a well managed business that offered a perfect fit with its operational model and growth strategy.
He added: “The acquisition will facilitate our expansion in the EMS market on the strength of combined capabilities and synergy between the customers and markets served and will play a significant role in the future development of Stadium.”
Stadium funded the deal with a new debt facility from Barclays. In the year to June 30, 2008 Zirkon posted sales of £7.3 million, pre-tax profit of £0.6 million and net assets at completion are expected to be around £1.6 million on a cash free debt free basis.
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